The prices of gold have sky-rocketed, but as the wedding season has arrived we Indians feel the need to purchase the yellow metal for prosperity of our loved ones. Here are a few pointers for when you go shopping for gold:
1. Buy only hallmarked jewellery. Each hallmarked jewellery has 4 marks - BIS Mark, Purity in Karat and fineness, Assaying and Hallmarking centre identification number/mark, Jewellers identification number. Verify these marks with a magnifying glass.
2. Remember, hallmarked jewellery is only available in 14KT, 18KT and 22KT.
3. You can give a missed call on 8955664433 for IBJA's (Indian Bullion and Jewellers Association Ltd) indicative rate of gold jewellery.
4. Always insist on the bill while purchasing and check for exchange and buyback policy before purchasing.
Most jewellers also run a 'Advance instalment scheme', incase you want to invest in it, here are the things you must consider:
1. Check the credentials of the jeweller. Also check whether his business is a partnership or a LLP. If its a company, obtain the name and address of each of its directors. Obtain a duly signed copy of the contract/agreement.
2. Give only cheque towards Advance Gold Instalment scheme and obtain a receipt each time you make a payment.
3. Remember, Advance Gold Instalment Scheme cannot go beyond 365 days. Also, jewellers are not allowed to give any interest on advance instalment paid.
4. Contact IBJA on info@ibja.in for verifying credentials of the jewellers and always consult experts before investing.